A member of the Monetary Policy Committee, Adeola Adenikinju, has said Nigerian banks operating cost is higher than other countries and should be reduced.
In his report, he said, “Interest margins to total operating income declined from 58.1 per cent in March 2023 to 50.5 per cent in April 2023.
“The high operating cost environment of the banking sector should be addressed. In other climes, the ratio is 23.5 per cent in Turkey, 50.6 per cent in Brazil, 41.0 per cent in Malaysia, 62.0 per cent in South Africa, 43.2 per cent in Angola, 35.2 per cent in Egypt, Kenya is 45.2 per cent and Ghana, 46.1 per cent.”
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